Income Tax (Bearer Debentures) Act 1971
Act No. 55 of 1971 as amended
Compilation start date: 25 June 2014
Includes amendments up to: Act No. 43, 2014
About this compilation
This compilation
This is a compilation of the Income Tax (Bearer Debentures) Act 1971 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.
This compilation was prepared on 2 July 2014.
The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.
Uncommenced amendments
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.
Application, saving and transitional provisions for provisions and amendments
If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
Modifications
If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.
Provisions ceasing to have effect
If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.
Contents
1............ Short title............................................................................................. 1
2............ Commencement................................................................................... 1
3............ Interpretation....................................................................................... 1
4............ Incorporation....................................................................................... 1
5............ Imposition of tax................................................................................. 1
6............ Rate of tax........................................................................................... 1
7............ Temporary budget repair levy............................................................. 2
Endnote 1—About the endnotes 3
Endnote 2—Abbreviation key 5
Endnote 3—Legislation history 6
Endnote 4—Amendment history 7
Endnote 5—Uncommenced amendments [none] 8
Endnote 6—Modifications [none] 8
Endnote 7—Misdescribed amendments [none] 8
Endnote 8—Miscellaneous [none] 8
An Act to impose Income Tax upon Interest paid or credited by Companies in respect of certain Debentures
1 Short title
This Act may be cited as the Income Tax (Bearer Debentures) Act 1971.
2 Commencement
This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation
In this Act, the Assessment Act means the Income Tax Assessment Act 1936‑1971.
4 Incorporation
The Assessment Act is incorporated and shall be read as one with this Act.
5 Imposition of tax
The tax known as income tax, to the extent that it is payable in accordance with section 126 of the Assessment Act, is imposed, and shall be levied and paid, upon interest to which that section applies.
6 Rate of tax
The rate of tax imposed by this Act on an amount of interest is 45%.
7 Temporary budget repair levy
(1) This section applies to amounts of interest paid or credited in a temporary budget repair levy year.
(2) Increase the rate of tax mentioned in section 6 by 2 percentage points.
(3) In this section:
temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.
Endnote 1—About the endnotes
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
Abbreviation key—Endnote 2
The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
Uncommenced amendments—Endnote 5
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.
Modifications—Endnote 6
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
Misdescribed amendments—Endnote 7
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Miscellaneous—Endnote 8
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
Endnote 2—Abbreviation key
| ad = added or inserted | pres = present |
| am = amended | prev = previous |
| c = clause(s) | (prev) = previously |
| Ch = Chapter(s) | Pt = Part(s) |
| def = definition(s) | r = regulation(s)/rule(s) |
| Dict = Dictionary | Reg = Regulation/Regulations |
| disallowed = disallowed by Parliament | reloc = relocated |
| Div = Division(s) | renum = renumbered |
| exp = expired or ceased to have effect | rep = repealed |
| hdg = heading(s) | rs = repealed and substituted |
| LI = Legislative Instrument | s = section(s) |
| LIA = Legislative Instruments Act 2003 | Sch = Schedule(s) |
| mod = modified/modification | Sdiv = Subdivision(s) |
| No = Number(s) | SLI = Select Legislative Instrument |
| o = order(s) | SR = Statutory Rules |
| Ord = Ordinance | Sub‑Ch = Sub‑Chapter(s) |
| orig = original | SubPt = Subpart(s) |
| par = paragraph(s)/subparagraph(s) /sub‑subparagraph(s) | |
Endnote 3—Legislation history
| Act | Number and year | Assent | Commencement | Application, saving and transitional provisions |
| Income Tax (Bearer Debentures) Act 1971 | 55, 1971 | 25 May 1971 | 25 May 1971 | |
| Income Tax (Bearer Debentures) Act 1974 | 128, 1974 | 6 Dec 1974 | 6 Dec 1974 | — |
| Income Tax (Bearer Debentures) Amendment Act 1983 | 107, 1983 | 23 Nov 1983 | 23 Nov 1983 | — |
| Taxation Laws (Miscellaneous Provisions) Act 1986 | 109, 1986 | 4 Nov 1986 | 4 Nov 1986 | — |
| Taxation Laws Amendment (Rates and Rebates) Act 1989 | 70, 1989 | 21 June 1989 | 21 June 1989 | s. 6 |
| Taxation Laws Amendment Act (No. 2) 1997 | 95, 1997 | 30 June 1997 | Schedule 5 (item10): (a) | Sch. 5 (item 11) [see Table A] |
| Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 | 55, 2006 | 19 June 2006 | Schedule 1 (items 6, 32(2)): 1 July 2006 | Sch. 1 (item 32(2)) [see Table A] |
| Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Act 2014 | 43, 2014 | 25 June 2014 | Sch 1: 25 June 2014 (see s 2(1))
Remainder: Royal Assent | — |
Endnote 4—Amendment history
| Provision affected | How affected |
| s. 6........................................ | am. No. 128, 1974; No. 107, 1983; No. 109, 1986; No. 70, 1989 |
| | rs. No. 95, 1997 |
| | am. No. 55, 2006 |
| s7.......................................... | ad No 43, 2014 |
Endnote 5—Uncommenced amendments [none]
Endnote 6—Modifications [none]
Endnote 7—Misdescribed amendments [none]
Endnote 8—Miscellaneous [none]